Beneficiaries to get N400bn gas fund in two weeks – FG

The Federal Government has said that it is going to provide another N400bn gas infrastructure fund to beneficiaries of the scheme in the next two weeks.

The Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, disclosed this during the ground-breaking ceremony of the 10MMSCF CNG Mother Station facility at Esit Eket Local Government Area of Akwa Ibom State on Thursday.

The N400bn comes after the FG released the N122bn gas infrastructure fund last year.

“Let me tell you in the next two weeks I am going to release another amount, and this may be up to N400bn. Any Akwa Ibom son and daughter going to be involved should go and consult with Nsik Oil and Gas. Your project must be bankable; the Transaction Adviser will approve it, so it will not be that the minister is from Akwa Ibom, and whatever I bring he will approve, no.

“You have to go through the scrutiny of the transaction adviser, and when it’s presented to me, you can go home and rest. You will be sure that the money will be released to you.

“The time has come for Nigerians and Akwa Ibom to wake up and take advantage of the natural resources that we have in the country; please don’t sit at home and think that it will come; the time has come; we must carry our destiny in our hands,” Ekpo said.

While highlighting the Federal Government’s commitment to cleaner energy and a conducive environment, the minister tasked the Local Government to provide a conducive environment for the project to thrive

He said, “This is a wonderful project that Nsik Oil and Gas has decided to bring; it is left for us so that you will not say that the minister did not bring anything to Akwa Ibom State.

It is left for you to provide a conducive environment so that this project will thrive.”

Earlier, the Chairman/Chief Executive Officer of Nsik Oil and Gas, Mr Nsikan Johnny, expressed happiness, noting the groundbreaking marks a significant milestone in the journey to provide cleaner, safer, and more affordable energy solutions to the people of Nigeria and beyond.

He said that the projects show FG’s commitment to driving economic growth, reducing environmental impact, and improving the lives of our communities.

He also appreciated the partnership of the Federal Government, the Governor of Akwa Ibom State, Umo Eno, and the Midstream and Downstream Gas Infrastructure Fund for creating a peaceful environment for the development of gas infrastructure in the country.

Project Consultant Mr Mkposong Asuquo said the project is an audacious milestone to underscore the visionary drive of private indigenous participation in the oil and gas industry.

He said, “With this investment, we shall make a significant contribution to employment and cutting-edge technology and operational infrastructure to provide seamless and efficient compression of Gas to top off-takers and corporate entities as well as individuals of our state and country at large.”